Traditional Individual Retirement Account (IRA)
Tax deferred interest income is available to anyone with a United Bank IRA. You and your spouse can contribute up to the defined limits each year, with the taxes on any interest earned postponed until the money is withdrawn. What’s more, the contribution itself may be tax deductible that year. (Consult your tax advisor for the deductibility of any item.) An IRA certificate of deposit is FDIC-insured for added protection of your retirement nest egg.
Planning for the future means thinking through the long-term implications of your savings. United Bank can help you strategize your retirement savings with a Roth Individual Retirement Account (IRA), sometimes referred to as a “back-ended” IRA. Here’s how it works:
- Set aside money that you’ve already paid taxes on (unlike the “traditional” version, contributions to a Roth IRA are not tax-deductible)
- Watch your money grow over time as you continue to invest and earn a return
- When you are ready to retire, enjoy your earnings tax-free
United Bank can guide you to investment advisers to help you manage your Roth IRA, suggesting investment options based on your time horizon, risk tolerance, available savings, and other factors. We can also help you “roll over” funds from other existing retirement accounts, such as 401(k), Simplified Employee Pension (SEP) plans, or “traditional” IRA accounts.In most cases, you will be eligible to set up a Roth IRA, even if you already participate in a tax-deferred retirement plan such as a 401(k). Ask us today about getting started with a Roth IRA—we are able, ready, and willing to help you achieve your retirement goals.